The analysis presented in this report examines the relationship between the immigration of "generational" status of Asian and Hispanic students and various educational indicators and outcomes. Data are from the National Education Longitudinal Study of 1988. Generational status refers to the number of generations the student's family has been in the United States. Students were classified as: (1) first generation immigrant (born outside the United States); (2) second-generation (born in the United States with one or both parents born outside the United States); and (3) third generation or higher (both parents and student born in the United States). Nearly half of the eighth-grade Asian students in 1988 were born outside the United States, compared with about 18% of their Hispanic peers. First-generation students in each racial-ethnic group were more likely to come from families who lived at or below the poverty level than their second- and third-generation counterparts. Similar proportions of both Asian and Hispanic groups were categorized as being limited-English proficient (six and eight percent respectively), but Hispanic students were more likely to come from a home where a language other than English was spoken. Among all eighth graders, Hispanics were more likely than Asians to be below proficiency in mathematics and science, at 25% versus 9% in mathematics and 41% versus 25% in science. The proportions of Asian and Hispanic students who tested below proficiency in reading, however, did not differ significantly, at 14% and 19% respectively. Overall, the parents of the 1988 Asian eighth graders were more likely to expect their children to earn at least a college degree compared with the parents of Hispanic eighth graders. As of 1994, Asian students were more likely to have enrolled in postsecondary education. Three appendixes contain a glossary, technical notes, and multivariate data tables. (Contains 3 figures, 25 tables, and 8 references.) (SLD)